ULTRALIFE CORP — Director's Dealing 2007

May 21, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: ULTRALIFE BATTERIES INC (ULBI)
CIK: 0000875657
Period of Report: 2007-05-17

Reporting Person: KAVAZANJIAN JOHN D (Director, President and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-12	Common Stock, $.10 par value	A	1500	$3.499	Acquired	121477	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-17	Common Stock (Right to Buy)	$3.499	M	1500	Disposed	2007-06-28	Common Stock; $.10 par value (1500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.10 par value	1800	Indirect